Placement in Lucio Co’s restructured holding company raises $397 million

The Cosco Capital deal, which is accompanied by a substantial asset injection, attracts close to 50 investors despite a challenging market backdrop.

Cosco Capital, the newly created holding company for a group of assets controlled by Philippine businessman Lucio Co including a 51% stake in listed supermarket chain Puregold Price Club, has raised Ps16.8 billion $397 million from a combined follow-on and sell-down.

The deal, which was completed as stock markets across the region had another tough day yesterday, will ensure that Cosco retains a free-float of close to 30% following the simultaneous injection of four new...